Wood Flooring Market

• Attracting interest to indoor sports to drive the market growth

Due to the limitations imposed by many governments, particularly on outdoor and team-based athletic events, the spread of coronavirus has drastically reduced sporting activity. People have turned to indoor sports like badminton, tennis, basketball, volleyball, and squash to satisfy the desire for an active lifestyle and keep a healthy profile. These sporting venues need flooring materials with strong impact resistance and moisture resistance. Wooden floors are a fantastic choice for use in indoor sporting domes and stadiums since they not only satisfy these requirements but also have a very nice appearance.

Leisure activities including bowling, shooting, and futsal have exploded in popularity across the globe due to the growing purchasing power of the public. Thus, the demand for flooring made of wood is increasing.

Additionally, the number of indoor sports facilities in the level are increasing year by year which is mentioned in the below graph. According to the U.S. officials after the COVID-19 pandemic the sports complexes are increases due to adoption of sports and healthy lifestyle by individuals. Therefore, such developments for sports complexes are support the growth of wood flooring market CAGR across the globe in recent years.

Greenlam acquired a laminate manufacturing facility in Gujarat for $4.39 million in June 2022. Green Lam now produces 24.5 million sheets after this purchase making it the leading company in the market for laminates. Offering various types of floorings including those made up of wood materials.

Unilin Technologies launched its patented Pressed Bevel Technology for resilient flooring among other licensing partners during the year 2021. This unique technology was started and awarded patents by Unilin Technologies more than 10 years ago and it makes resilient floors appear much more similar to the real wood than in the past.

Furthermore, the residential building sector is forecast to grow as urbanization accelerates, which is anticipated to boost consumer demand. By 2030, it is anticipated that more than 50% of the population in Tamil Nadu, Maharashtra, Karnataka, Gujarat, and Punjab will live in urban areas.

However, to cater the demand there has been significant advances in the wood flooring. For instance, there has been a number of inaugurations of indoor sports stadiums is another factor driving the growth of the wood flooring market revenue.

The Global Global Wood Flooring Market Industry is poised for substantial growth, with projections indicating a market value of 58.2 USD Billion in 2024 and an anticipated increase to 123.5 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 7.08% from 2025 to 2035. Such figures reflect the increasing consumer preference for wood flooring solutions, driven by factors such as sustainability, technological advancements, and urbanization. The market's expansion is indicative of a broader trend towards quality and aesthetic appeal in flooring choices, positioning wood flooring as a preferred option in both residential and commercial sectors.

The expansion of distribution channels is a crucial factor driving the Global Global Wood Flooring Market Industry. Retailers are increasingly adopting omnichannel strategies, allowing consumers to access wood flooring products through various platforms, including online and brick-and-mortar stores. This accessibility enhances consumer engagement and facilitates informed purchasing decisions. Additionally, partnerships between manufacturers and distributors are becoming more prevalent, ensuring a steady supply of diverse wood flooring options. As these distribution networks expand, they are expected to cater to a broader audience, thereby contributing to the market's growth trajectory.

Urbanization trends and increasing disposable incomes are pivotal drivers of the Global Global Wood Flooring Market Industry. As more individuals move to urban areas, the demand for residential and commercial properties rises, consequently boosting the need for quality flooring solutions. Moreover, with rising disposable incomes, consumers are more inclined to invest in premium wood flooring options that enhance the aesthetic value of their spaces. This trend is particularly evident in emerging economies, where urban development is accelerating. The anticipated compound annual growth rate of 7.08% from 2025 to 2035 underscores the potential for significant market expansion fueled by these socio-economic factors.

The Global Global Wood Flooring Market Industry is benefitting from an upsurge in renovation and remodeling activities across various regions. Homeowners are increasingly opting for wood flooring to enhance the aesthetic appeal and value of their properties. This trend is particularly pronounced in developed markets, where older homes are being updated to meet modern standards. Government incentives for home improvement projects further stimulate this market segment. As a result, the demand for wood flooring is expected to rise, contributing to the overall market growth. The increasing focus on interior design and home aesthetics is likely to sustain this momentum in the coming years.

Technological innovations in wood processing and manufacturing are significantly influencing the Global Global Wood Flooring Market Industry. Advanced techniques such as engineered wood production and improved finishing processes enhance the durability and aesthetic appeal of wood flooring. These advancements not only increase the product's lifespan but also reduce waste during manufacturing. Furthermore, the integration of digital technologies in design and production processes allows for greater customization, catering to diverse consumer preferences. As a result, these technological developments are expected to drive market growth, potentially leading to a market valuation of 123.5 USD Billion by 2035.

The Global Global Wood Flooring Market Industry is experiencing a notable shift towards sustainable and eco-friendly flooring options. As consumers become increasingly aware of environmental issues, the demand for wood flooring sourced from responsibly managed forests is on the rise. This trend is supported by various government initiatives promoting sustainable forestry practices. For instance, certifications such as FSC and PEFC are gaining traction, ensuring that wood products meet stringent environmental standards. This growing preference for sustainable materials is likely to contribute to the market's expansion, with projections indicating a market value of 58.2 USD Billion in 2024.

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America wood flooring market accounted for USD 20.64 billion in 2021 and is expected to exhibit a 43.20% CAGR growth during the study period. This is attributed to the growing residential construction activities with the adoption of wood flooring across the region.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  WOOD FLOORING MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The Asia-Pacific wood flooring market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased population, expanding projects in India, China, and other Asia-Pacific countries. Moreover, China wood flooring market held the largest market share, and the India wood flooring market was the fastest growing market in the Asia-Pacific region.

North America wood flooring market accounts for the largest market share due to the availability of many big giant companies, and the world’s most costly residential real estate industry is present in the United States. Further, the United States wood flooring market held the largest market share, and the Canada wood flooring market was the fastest growing market in the North American region.

Major market players are spending a lot of money on expansion to increase their footprints in the  level, which will help the wood flooring market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the wood flooring industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the  wood flooring industry to offer attractive designs to the customers and expand the market sector is to manufacture locally to reduce operating costs. The wood flooring market major player such as The Armstrong Flooring Inc. (US), Mannington Mills Inc. (US), Mohawk Industries (US), Pergo (US), Shaw Industries Group Inc. (US), E.P. Co.Inc., Wickes Ltd (US), Home Legend LLC, Somerset Hardwood Flooring, Provenza Floors Inc., and others are working to expand the wood flooring industry demand by investing in research and development activities.

One of the biggest flooring firms in the world, Mohawk Industries, Inc., was established in 1988 and is headquartered in Georgia, United States. For both home and commercial applications, they offer flooring products. A broad variety of flooring items are available from them, such as ceramic tile, carpet for homes and businesses, rugs, laminate flooring, luxury vinyl tile, sheet vinyl, wood flooring, and countertops. For instance, in June 2022, Mohawk Industries, Inc. disclosed that it has reached a deal to acquire Grupo Industrial Saltillo's (GIS) Vitromex ceramic tile business for around $293 million in cash.

Also, AHF, LLC is a 2004-founded American business that specializes in hardwood flooring, product research, manufacturing, and servicing. They carry the Bruce, Hartco, and Homerwood wood flooring brands. Under the trademarks Parterre, Armstrong Flooring, and AHF Contract, they also offer commercial flooring services. The business runs nine production sites in total, eight of which are in the US and one in Cambodia.

For instance, in July 2022, AHF Products stated that it has completed the acquisition of a number of assets from Armstrong Flooring, Inc., including the licence for the use of the Armstrong Flooring brand name and three U.S. manufacturing plants in Kankakee, Illinois, Lancaster, and Beech Creek, Pennsylvania.